Industry
The Chubb Corporation [NYSE: CB] reported a 2008 Q1 net income of US$644 million, a decrease from 2007 Q1’s net income of US$710 million.Net written premiums increased 2% to US$2.9 billion, a Chubb release says. The combined loss and expense ratio for 2008 Q1 was 83.9%, up marginally from the 83.7% reported for the same […]
By Canadian Underwriter | April 25, 2008
1 min read
Chubb Insurance Company of Canada has launched a policy for film producers that insures certain losses straight through post-production.Typically such policies are restricted to covering losses that occur during the “principal photography” period only. Chubb unveiled its “Film Producers Risk Policy” at the Canadian Film Centre in Toronto. The coverage is designed to address the […]
By Canadian Underwriter | April 24, 2008
2 min read
The Supreme Court of Canada has rejected leave to appeal a decision of the Ontario Appeal Court that found Insurers are entitled to conduct an examination under oath of an insured, regardless of whether or not the relationship between the insurer and insured is adversarial or a lawsuit has commenced.The Supreme Court does not issue […]
Claims
The Allstate Corporation (NYSE: ALL) reported a 76.7% drop in its 2008 Q1 profits over 2007 Q1.The company’s Q1 profits tumbled from US$1.495 billion in 2007 to US$348 million, an Allstate release says. Catastrophe losses climbed from US$161 million to US$568 million, and the property-liability combined ratio went from 84.6% to 94.0%.”Catastrophe losses offset the […]
The Saskatchewan Mutual Insurance Company (SMI) is continuing its investment as a full partner of the Insurance Brokers Association of Canada (IBAC)’s Broker Identity Program.”For many years, SMI has sponsored IBAC’s broker awareness campaign and we are proud to continue as a full partner,” SMI president and CEO Laura Wiebe said in a press release. […]
XL Capital Ltd. reported a net income of US$211.9 million for 2008 Q1, a 39% drop from the same period of last year’s profit of US$549.7 million.The reduction of US$337.8 million in net income is partly due to a decrease in underwriting profit from property and casualty operations. The underwriting profit was US$40.7 million in […]
By Canadian Underwriter | April 23, 2008
Newfoundland and Labrador’s Department of Finance has retroactively eliminated the provincial 15% retail sales tax (RST) on insurance premiums.Effective immediately, insurers are no longer required to collect the tax.If a person purchased or renewed a contract of insurance on or after Jan. 1, 2008, that person will receive a refund of the tax paid, a […]
Property catastrophe reinsurance renewal rates decreased globally as of Apr. 1, 2008, but some areas of the world showed greater rate discipline than others, according to a report by Guy Carpenter & Company LLC.Insurers in Asia and in the United States each pushed hard for reinsurance rate reductions, the Guy Carpenter report observed, but U.S. […]
Liberty Mutual Group is acquiring Safeco Corporation for roughly US$6.2 billion. Upon completion of the transaction, Liberty Mutual will become the fifth largest property and casualty insurer in the United States, the company reports in a release. Currently, Liberty Mutual Group is the sixth-largest property and casualty insurer in the United States, based on the […]
In order for the current soft market cycle to differ from previous ones, the current market must be able to respond to inadequate profit opportunities with swifter adjustments in market capacity and corresponding rate increases, according to a FitchRatings report.In its report, the Property/Casualty Underwriting Cycle, Fitch says further premium rates declines are unavoidable and […]
By Canadian Underwriter | April 22, 2008
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